Woman C.P.A. Woman C.P.A.

Volume 14 Issue 6 Article 9

10-1952

Woman C.P.A. Volume 14, Number 6, October, 1952 Woman C.P.A. Volume 14, Number 6, October, 1952

American Woman's Society of Certified Public Accountants

American Society of Women Accountants

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Recommended Citation Recommended Citation American Woman's Society of Certified Public Accountants and American Society of Women Accountants (1952) "Woman C.P.A. Volume 14, Number 6, October, 1952," Woman C.P.A.: Vol. 14 : Iss. 6 , Article 9. Available at: https://egrove.olemiss.edu/wcpa/vol14/iss6/9

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Helen F. McGillicuddy, CPAAWSCPA President’s Message

ASWA President’s Message

Accounting Problems underThe Renegotiation Act

Tax News

Idea Exchange

What’s New in Reading

Coast-to-Coast

Marguerite Gibb, CPA

Gertrude Priester, CPA

Tennie C. Leonard, CPA

Theia A. Cascio

Mary Noel Barron, CPA

Mary C. Tonna, CPA

OCTOBER 1952

AMERICAN WOMAN'S SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS AMERICAN SOCIETY of women ACCOUNTANTS

• When you are asked to recommend an accounting course, the educational back­ground of the International Accountants -Society, Inc., will give you complete confi­dence. The five men composing our Execu­tive Educational Committee are respon­sible for IAS educational policies and activ­ities. The sixteen Certified Public Account­ants composing the IAS Faculty prepare text material, give consultation service, or grade examination papers. Some give full

time, others part time, to IAS work. Our Advisory Board consists of forty outstand­ing Certified Public Accountants, business executives, attorneys, and educators, who counsel with the IAS Management, on request, about technical accounting, edu­cational, and business matters.

The uniformly high caliber of these men is eloquent testimony to the quality of IAS training.

EXECUTIVE EDUCATIONAL COMMITTEEGEORGE P. ELLIS

C.P.A. Practicing Certified Public Accountant; Member of Faculty, International Accountants Society, Inc.; Former President, Illinois Chamber of Commerce; Former President, American Society of Certified Public Accountants; Former President, Executives Club of Chicago.

THOMAS W. LELAND B.A., M.A., C.P.A.

Head, Department of Business Administration, Texas A. and M. College; Past President, American Accounting Association; Former Educational Director, Ameri­can Institute of Accountants; Past President, Texas Society of C.P.A.’s; Editor of “Contemporary Accounting."

DEXTER S. KIMBALL M.E., LL.D., D.Sc.

Chairman, Board of Directors, International Accountants Society, Inc.; Dean Emeritus, College of Engineering, Cornell University; Former President, American Society of Mechan­ical Engineers; author of “Cost Finding,” “Industrial Economics,” and other textbooks.

LEE GALLOWAY B.Sc., Ph. D.

Vice-Chairman, Board of Directors, International Accountants Society, Inc.; Former Chair­man, Board of Directors, The Ronald Press Company; Former Director, Department of Management, New York University; author of “Office Management” and other textbooks.

STEPHEN GILMANB.Sc., C.P.A.

Educational Director, International Accountants Society, Inc.; author of "Accounting Con­cepts of Profit," "Analyzing Financial Statements," “Principles of Accounting," "What the Figures Mean," and numerous technical articles on accounting and allied subjects.

FACULTYStanley E. Beatty, C.P.A. Robert Dick, B.L., C.P.A. Roy E. Duvall, B.C.S., C.P.A. George P. Ellis, C.P.A.C. W. Emshoff, S.B., C.P.A.

Stephen Gilman, B.Sc. C.P.A.

C. E. Hoglund, B.S., M.B.A., C.P.A.

James W. Love, C.P.A.

Frank H. Murray, C.P.A.Kenneth E. Oakley, C.P.A.William A. Parrish, B.S., C.P.A.Samuel D. Plotnick, C.P.A.

G. E. Taylor, C.P.A.J. G. Terry, A.B., C.P.A.H. G. Westphaln, C.P.A.Earl R. White, C.P.A.

Additional information about this training will be sent to you in booklet form, on request.

INTERNATIONAL ACCOUNTANTS SOCIETY, INCA Correspondence School Since 1903

209 WEST JACKSON BOULEVARD

CHICAGO 6, ILLINOIS

2

THE WOMAN

Vol. 14 October 1952 Number 6

EDITORIALAnother fiscal year has been closed for

the Women’s Accounting Societies. This year, due to a change in the AWSCPA by­laws, the fiscal years of both AWSCPA and ASWA ended on June 30th. We want to take this opportunity to express our sincere thanks to the retiring presidents, officers, and directors of the two societies for their outstanding work during their administra­tive year. It will be long remembered.

It is a pleasure to introduce and welcome, too, the new officers and directors who have been elected to serve the societies during the current fiscal year. They are as follows.

ASWCPAPresident: Helen F. McGillicuddy, of

Chicago, Illinois, who is further introduced on page 6.

First Vice-President: Rosemary Hoban, of Detroit, Michigan, has served the society as secretary from 1949 to 1951, and as sec­ond vice-president 1951-1952. A graduate of the University of Detroit, she is on the staff of Touche, Niven, Bailey & Smart, Certified Public Accountants. She is a past president of the Detroit Chapter of ASWA, as well as a past national director of that society. She is a member of the American Institute of Accountants and of the Michi­gan Society of Certified Public Accountants.

Second Vice-President: Elinor Jane Hill, of Clifton, New Jersey, was ASWCPA secre­tary during the year 1951-1952, and direc­tor during the year 1950-1951. She also served ASWA as national secretary during the year 1949-1950, and is a past president of the New York Chapter of ASWA. A graduate; magna cum laude, of Rutgers University, she is a partner in the public accounting firm of H. B. Richardson & Co.

Secretary: Corinne Childs, of Tulsa, Okla­homa, has served AWSCPA as director and chairman of its legislative committee dur­ing the year 1951-1952. She attended Baylor University, the University of Texas, and New York University, and is an honor graduate of the University of Tulsa School of Law. She was admitted to the Oklahoma

Copyright, 1952, by American Woman’s

bar in July 1952, and holds CPA certifi­cates from Texas and Oklahoma. She con­ducts her own public accounting practice in Tulsa; is secretary-treasurer of the Okla­homa Society of Certified Public Account­ants, a member of the American Institute of Accountants, the Oklahoma and Texas Societies of CPA’s, the Oklahoma Bar Asso­ciation, Phi Delta Delta, the women’s inter­national fraternity, and Phi Gamma Kappa, the honorary scholastic fraternity.

Treasurer: Linda Stanford, of Endicott, New York, is a CPA of Ohio. She served AWSCPA as director and co-chairman of its public relations committee during the year 1951-1952. A member of the American Institute of Accountants, the National Association of Cost Accountants, the Insti­tute of Internal Auditors, and the National Office Managers Association, she is chief internal auditor and a director of the Endi­cott-Johnson Corporation.

Directors: Jean Colavecchio, of Provi­dence, Rhode Island (ex-officio) ; Mary Noel Barron of Carbondale, Illinois; Mary J. McCann of Kansas City, Missouri; Eliza­beth Smelker of San Francisco, California; and Elizabeth Sterling of Atlanta, Georgia.

ASWAPresident: Marguerite Gibb, CPA, of

Seattle, Washington, who is further intro­duced on page 7.

First Vice-President: Virginia Allgood, of Atlanta, Georgia, has previously served

• The Woman CPA is published bi-monthly in the interest of accounting, and the progress of women in the profession.While all material presented is from sources believed to be reliably correct, responsibility can not be assumed for opinions or for inter­pretations of law expressed by contributors.

Published byAmerican Woman’s Society

of Certified Public Accountants and

American Society of Women Accountants 342 Madison Ave., New York 17, N. Y.

Subscription Price—$1.00 Annually

Society of Certified Public Accountants.

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ASWA as treasurer for two years from 1950 to 1952, and as director for two years from 1948 to 1950. A graduate of Agnes Scott College, she has also done graduate work at Emory University and at the Uni­versity of Chicago. She is security analyst for the Trust Company of Georgia, and is a member of the Association of Bank Women for which organization she has served as director, and as editor of its offi­cial publication.

Second Vice-President: L. Katherine Mc­Kenzie, of Chicago, Illinois, is a charter member of the Chicago Chapter of ASWA, and served as the chapter treasurer in 1947-48. She attended Duff Business College in Pittsburgh, Carnegie Institute of Tech­nology and the University of Chicago, and is now treasurer of the United Educators, Inc., a publishing firm.

Secretary: Doris Parks, CPA, of Seattle, Washington, and a member of the Seattle Chapter of ASWA, is a graduate of the University of Illinois, and holds a Master’s degree from Northwestern University. She is a CPA of Illinois and is at present an instructor in Accounting at the University of Washington.

Treasurer: Vivian G. Warner, of Mus­kegon, Michigan, is a charter member of the Muskegon Chapter of ASWA and its organizer and first president. She has pre­viously served the national organization of ASWA as a director for four years from 1948 to 1952. A graduate of Muskegon Junior College, she has taken the IAS course in accounting, and is at present chief ac­countant for Challenge Machinery Co. in Grand Haven, Michigan.

Directors: Vera Jean Bobsene of Los Angeles, California (ex-officio) ; Ida Alt of Louisville, Kentucky; Elizabeth Brown­lee of Trimble, Illinois; Marion Kern Charles of Philadelphia, Pennsylvania; R. Grace Hinds of Indianapolis, Indiana; Charlotte Morris of San Diego, California; and Corinne Pool of Holland, Michigan.

* * *

It is only to friends you, may look for favors for which no adequate return may be required or expected. In the dealings be­tween friends, entries are never footed, nor balances carried forward. All accounts are squared at the end of the day and all are closed without figuring profit or loss.

—Judge C. F. Moore.

NEW AWSCPA MEMBERSCharlotte Schachter, 200 West 20th

Street, New York 11, New York, with Ar­thur Young & Company. Degree: B.A. from Hunter College. Certificate: District of Co­lumbia.

Susan C. Lamensdorf, 1915 Kalorama Road N.W., Washington 9, D. C. Degree: B.A. George Washington University. Mem­ber: D. C. Institute of CPA’s, D. C. Chapter ASWA.

Margaret Feiler, 894 Riverside Drive, New York 32, New York, with The Ameri­can Jewish Joint Distribution Comm., Inc. Degree: Doctor of Law University of Vi­enna, Master of Bus. Adm. College of the City of New York. Member: New York State Society of CPA’s, American Institute of Accountants.

Dora B. Ellsey, 1932 N. Portsmouth, Houston, Texas, self-employed. Degree: South Texas School of Commerce and Uni­versity of Houston. Member: Texas Society of CPA’s.

Irene B. Davidson, 9703 Chatfield, Hous­ton 25, Texas, with Fred W. Allen, Jr., CPA. Degree: MBA University of Alabama, BBA Southwestern University. Member: Texas Society of CPA’s.

Jean A. Currey, 14221 Chelsea, Detroit 5, Michigan, with Price Waterhouse & Co. De­gree: BA Michigan State College. Member: Detroit Chapter ASWA, Michigan Assn. of CPA’s.

Mayme Abramson, 402 Forest No. 4, Shreveport, La. Degree: Creighton Univer­sity, La Salle Extension. Member: Society of Louisiana CPA’s.

Mary C. Tonna, 1727 Newcomb Ave., San Francisco 24, Calif., with Barlow, Davis & Wood (CPA’s). Degree: University of San Francisco (Evening). Member: San Fran­cisco Chapter ASWA, California State So­ciety of CPA’s.

Ruby L. Williams, 1711 W. Alabama Apt. No. 8, Houston, Texas, with J. M. Flaitz. Degree: BBA University of Texas. Mem­ber : Texas Society of CPA’s.

* * *The safest way to double your money is

to fold it over once and put it in your pocket.—Elbert Hubbard.

* * *A conservative is a man who doesn’t think

that anything should be done for the first time.

—F. Vanderlip.Entered as second-class matter December 19, 1945, at the Post Office at New York, N. Y., under the Act of March 3, 1879.

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TAX NEWS By TENNIE C. LEONARD, CPA, Memphis, Tennessee

We are sometimes reminded by the ap­pellate staff when, abandoning hope for a settlement of tax controversies, we ask for a “ninety day letter” under which in ordinary circumstances a decision of the Tax Court may be expected in about four years, that the Tax Court has some eleven thousand cases docketed. That the Tax Court is not unmindful of that situation may be seen from occasional expressions in some of the opinions now being handed down. For ex­ample, in the case of Loren S. Brumber v. Commissioner, TC Memo opinion, docket No. 31820, Judge Opper had this to say:

“In conclusion we may perhaps be permitted to comment that this pro­ceeding adds one more to the increasing list as to which only the failure of proper administrative disposition can account for their submission here.”Published at about the same time was a

decision in the case of Harold A. Chris­tensen, 17 TC.......No. 177, in which the pe­titioner claimed a deduction for entertain­ment of salesmen under his supervision. In his opinion Judge Murdock found:

“The petitioner does not know exactly how much he spent on salesmen under

• him and on their wives and children.. . . The one answer clearly wrong is that given by the Commissioner who al­lowed no -deduction whatsoever. . . . The parties should have settled the case on some amicable basis, but since they failed to do so, the Court, following the principle of Cohan V. Commissioner, 39 Fed. (2d) 540 has determined that $300 is a proper deduction.”Tax practitioners generally, we believe,

are convinced that the reorganization of the Bureau of Internal Revenue now in process will operate to curtail taxpayers’ opportuni­ties for administrative settlement of tax issues, with the result that litigation may be increased even beyond the present volume.

This could create a situation where the Treasury Department may be forced to accept the solution offered by Representa­tive Mills and approved by the American Institute of Accountants which would result in the establishment of a Tax Settlement Board for the “speedy, informal and inex­pensive presentation of the contentions of the taxpayer and the Commissioner.”

Much is heard in this era of high incomes and high taxes that incentive has been destroyed. Now we find this is no new com­plaint. Many centuries ago one of the prophets expressed that idea in the Old Testament, Ecclesiastes 5:11, “When goods increase they are increased that eat them; and what is there to the owners thereof, saving the beholding of them with their eyes.”

* * *

It is always a source of satisfaction to taxpayers to see the Commissioner “hoist on his own petard.” They can take some small satisfaction in the case of Albert K. Orth, TC Memo, May 12, 1952.

In late years the Commissioner has been attacking “thin corporations” and some­times he is successful in his contention that what the taxpayer considered advances to his corporation were actually capital invest­ments. In this instance, the Commissioner was on the other side of the fence. Taxpayer had made substantial advances to his cor­poration for which no stock was issued until immediately prior to his sale of the stock. The Commissioner contended for a short­term capital gain on the transaction. The Court agreed with the taxpayer that his ad­vances to the corporation were not indebted­ness of the corporation, but rather capital investment on the sale of which the tax­payer realized a long-term capital gain.

* * *

Whether because their earnings are usu­ally not sufficient to cause them tax prob­lems, or because internal revenue agents respect the cloth, ministers of the gospel are not usually found in the tax courts. One skeptical examiner, however, has tried to tax the pastor on a gain from the sale of his Amazing Grace Tabernacle Church, which, of course, belonged to the congre­gation. The proceeds of the sale were used to build another church. The agent also at­tempted to tax the minister with the un­recorded expenditures of the church income. If you would like to see how far afield a revenue agent can get, read the memoran­dum findings of fact and opinion in the case of Reverend and Mrs. Harold L. Du Rossette, TC Memo opinion, docket No. 28556, entered April 23, 1952.

5

AWSCPAHelen F. McGillicuddy, newly

elected president of the American Woman's Society of Certified Public Accountants, has previously served the society as director, treasurer, and second and first vice-president, re­spectively, and has been active in its committee work. She was also editor of The Woman CPA from December

1949 through June 1952.She is a senior accountant on the

staff of David Himmelblau & Co., certified public accountants, and a lecturer in accounting at North­western University, School of Com­merce.

She was awarded the silver medal by the Illinois Society of Certified Public Accountants for having ob­tained the second highest grade in the November 1944 CPA examina­tion in Illinois.

A graduate of Northwestern Uni­versity, and of De Paul University College of Law, she was admitted to the Illinois Bar in 1950.

Her professional affiliations include the American Institute of Account­ants, the Illinois Society of Certified Public Accountants, the American Society of Women Accountants, the Chicago Bar Association, the Wom­en’s Bar Association, and the Na­tional Association of Women Law­yers.

THEPRESIDENT'SMESSAGE

As 1 accept the Presidency of the American Woman’s Society of Certi­fied Public Accountants, I do so with a sense of humility and with a sense of pride. Humbly, because you, the members, have honored me with the highest position which can be bestowed upon a member of our society; and proudly, because I follow in the footsteps of the many capable women who have served you as president since our society was founded in 1933.

Our society was founded to advance the professional interest of women certified public accountants. We can proudly say that this objective has always been foremost in the minds of the elected officers and directors. The past history of our society, through the many accomplishments re­corded therein, bears this out.

As we open the cover of the record which will be made during the 1952-1953 administrative year, let us review for a moment the current position of our society.

On the debit side of our report, the following assets are noted:The membership of the society is at its highest. This is due to the pro­

gram which has been offered to the membership and to the efforts of the membership committee and of the individual members.

A large percentage of the membership is actively interested in committee work. The continued growth of our society reflects this interest.

Recognition has been given to our society and to our members by other professional accounting organizations. It is noteworthy that the Conta­dores Publicos Titulados of Mexico have requested biographies of several of our members for publication in the Who’s Who section of their bulletin.

The national office is established in New York and assists the national board of directors in carrying out the program of the society.

The official publication of AWSCPA/ASWA, The Woman CPA, is widely circulated to both members and non-members, and ranks with other professional publications. On the credit side of our report are the following:

The challenge to each and every member to further increase the mem­bership of the society so that every practicing woman certified public accountant will be a member of our organization.

The desire for every member to participate in the committee work of the society. The success of any organization is dependent upon the interest and energy of its membership as a whole.

Our continued cooperation with the American Society of Women Ac­countants.

The aim to encourage all of our members to write and submit articles for publication in The Woman CPA.Thank you sincerely for the privilege and pleasure which you have

given me by electing me President of AWSCPA. Thank you, too, for the excellent officers and directors whom you have also elected. With all of us working together I am sure that the aims and purposes of our society will be furthered during the coming year. I am fully cognizant of the responsibilities and obligations which I have assumed. I will give to the society my very best efforts during the current year, and my continued interest in the years to come.

6

THE

PRESIDENT'S

MESSAGEI am very proud of the honor of serving you as President of the

American Society of Women Accountants for the coming year. The con­

fidence thereby shown in me, and the fine officers and directors you have

also chosen, are deeply appreciated, and we shall do all in our power to

further the progress of the past fourteen years.

As we enter into our fifteenth year, we acknowledge the capable lead­

ership of the past years. Our wide representation in varied fields of ac-

counting has given us a diverse classification of talented members, each

of whom has made her contribution to the outstanding organization we have today.

Each of our sixteen hundred members has something of value to give

to the rest of us, which may be offered by no one else. With all of us

working together for our basic aim—of interesting women in the ac­

counting profession, increasing their opportunities, and gaining the rec­

ognition of the public for their accomplishments—our possibilities for

progress are unlimited. Like all other rapidly expanding organizations,

we have our growing pains. But, with our ultimate purpose and the value

of the whole organization in mind, we can all work together, in coopera­

tion with the American Woman’s Society of Certified Public Accountants.

for the advancement of women accountants in every field of accounting.

Marguerite Gibb, CPA, newly elected president of the American Society of Women Accountants, has previously served the society as di­rector and second and first vice-presi­dent, respectively, and has been active on its public relations and program committees. She has also been a director of the American Woman’s Society of Certified Public Accountants, and is a past president of the Seattle Chapter of ASWA.

After obtaining her CPA certifi­cate in 1946 she began her own pub­lic accounting practice, which she successfully conducts today.

Her professional affiliations include the American Institute of Account­ants, the Washington Society of Cer­tified Public Accountants, for the Seattle Chapter of which she has served as secretary-treasurer, and the Taxation Division of the Seattle Chamber of Commerce.

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ACCOUNTING PROBLEMS UNDER THERENEGOTIATION ACT

By GERTRUDE PRIESTER, CPA

Gertrude Priester is a CPA of New York State, and a graduate of New York Uni­versity. She has served both AWSCPA and ASWA, having been national president of the former in 1940-1941, and First Vice-President and Director of the latter. She also founded the New York Chapter of ASWA, of which she was its first president.

Miss Priester has spent ten years of her working career in public accounting, and eleven years in private industry in executive positions. She has been an officer and direc­tor of several corporations, and her background well qualifies her to write with authority on the subject of renegotiation.

Since the enactment of the original Re­negotiation Act of 1942, accountants have been faced with ever-mounting problems in the preparation of the reports required and in the determination of whether income and expense items should be considered as renegotiable, non-renegotiable, allocable or non-allocable.

It has been stated that, because substan­tially the same conditions affecting the procurement of supplies for defense which necessitated the renegotiation statutes of World War II now prevail, the general pat­tern of the Renegotiation Act of 1951 is more like the Renegotiation Act of 1942, as amended, than the Renegotiation Act of 1948, as amended.

In spite of the fact that Renegotiation has been with us in one form or another since 1942, and the Regulations of the Re­negotiation Board pursuant to the Renego­tiation Act of 1951 were officially adopted on March 25, 1952, it has already become necessary to issue seven Staff Bulletins (to September 12, 1952). These Staff Bulletins are in the nature of information to all per­sonnel working on renegotiation and for the guidance of Contractors in preparing their information. This service formerly was not given to the Contractor and he was often faced with inter-office rulings which did not appear in the Regulations to which he had access. It is of the utmost importance that the accountant review all Staff Bulle­tins before submitting accounting data.

The Staff Bulletins that have been issued cover such items as advertising expenses, stock item exemptions, gifts as unallowable costs, traveling and entertainment expenses, commissions to brokers, and listings of Con­trolled Materials Plan (CMP) symbols and Defense Order (DO) ratings indicating whether a sale is renegotiable, non-renego­tiable or possibly renegotiable. The staff

Bulletin relating to sales classifications by use of the symbols of CMP and DO have already had two supplements issued—known as Staff Bulletins 3A and 3B.

Section 102 (a) of the Renegotiation Act of 1951 provides as follows:

“In general. The provisions of this title shall be applicable (1) to all contracts with the Departments specifically named in section 103 (a), and related subcon­tracts, to the extent of the amounts re­ceived or accrued by a contractor or sub­contractor on or after the first day of January 1951, whether such contracts or subcontracts were made on, before, or after such first day, and (2) to all con­tracts with the Departments designated by the President under section 103 (a), and related subcontracts, to the extent of the amounts received or accrued by a con­tractor or subcontractor on or after the first day of the first month beginning after the date of such designation, whether such contracts or subcontracts were made on, before, or after such first day; but the provisions of this title shall not be applicable to receipts or accruals attributable to performance under con­tracts or subcontracts, after December 31, 1953.”The 1951 Act makes renegotiable the.

contracts and subcontracts let by the fol­lowing agencies beginning January 1, 1951:

Department of DefenseDepartment of the Army Department of the Navy Department of the Air Force Department of Commerce General Services Administration Atomic Energy Commission Reconstruction Finance Corporation Canal Zone Government Panama Canal CompanyHousing and Home Finance Agency

8

In addition, the President has designated as renegotiable the contracts and subcon­tracts of the following additional agencies, and the dates indicated are the dates from which its contracts are renegotiable:

July 1, 1951:Federal Civil Defense Administration National Advisory Committee for Aero­

nauticsTennessee Valley AuthorityUnited States Coast Guard

October 1, 1951:Defense Materials Procurement Agency Bureau of Mines(United States) Geological Survey

November 1, 1951:Bonneville Power Administration

By itself, the naming of the renegotiable contract agencies designated in the 1951 Act or in the President’s Executive Orders does not answer fully all questions as to whether or not a particular contract or sub­contract may be renegotiable. This is be­cause many of these named agencies have within them sub-agencies which let con­tracts in their own names—contracts which are, of course, renegotiable.

ACCOUNTING PROBLEMS IN SEGREGATING SALES

The Standard Form of Contractor’s Re­port, known as R. B. Form 1, requires the segregation of direct sales under renego­tiable prime contracts and purchase orders into the following groups:

(a) Fixed price contracts(b) Cost-plus-a-fixed-fee(c) Other

and the inclusion of indirect sales under purchase orders or renegotiable subcon­tracts of any tier.

In order to make this segregation the ac­countant must frequently review all the contract provisions because the various Government Departments do not use the same contract forms. The contractor may have a fixed price contract with an upward or downward provision, or he may have a fixed price contract with a downward price revision clause only. Some contracts for re­search and development have a limited over­head rate. Cost-plus-a-fixed-fee contracts usually have an individual renegotiation provision and the amounts received under such contracts are subject to audit and final determination of actual costs. Certain serv­ice contracts also have a price redetermina­tion clause, even though monthly billings are made on the basis of a stated price per day per man.

Thus, the above are just a few of the problems in ascertaining renegotiable sales of a prime contractor.

The work of the accountant in determin­ing the renegotiable sales in subcontracting work is even more difficult, because many subcontractors may deliver items to a prime contractor which are used in the prime contractor’s commercial business as well as for his government contracts.

The Board will not disapprove any method that may be used in allocating lower tier subcontracts between renegotiable and non- renegotiable sales, provided the Board is satisfied that such method, under all the circumstances, affords the best basis for reasonable, precise determination. It is for this reason, however, that the Board re­quests the contractor or subcontractor to submit detailed information as to the method used in making an allocation be­tween renegotiable and non-renegotiable sales.

In many instances a subcontractor may have thousands of small orders that are processed during a month. The subcontrac­tor may attempt to correspond with all his customers in an effort to determine the percentage of renegotiable sales to the total sales. However, in actual practice, unless a contractor is practically 100 percent on government work, he cannot notify the sub­contractor of the percentage until all of his own calculations have been made. As an indication of the problem involved Re­negotiation Staff Bulletin No. 5 was issued to cover the so-called “stock item exemp­tions”—which in effect means that if items are purchased for stock by a contractor— then the sale by the subcontractor is defi­nitely non-renegotiable.

Another method of making the determi­nation or allocation to renegotiable sales, where subcontractors are delivering similar items for commercial business and govern­ment business, in the same industry for a single product, permits the contractor or subcontractor to use a percentage that con­forms roughly to the factors pertaining to that industry.

To indicate the,care that must be exer­cised by the accountant in arriving at the allocation of renegotiable and non-renego­tiable sales, the following incident stresses the importance of looking at every provision of a contract.

Under the 1942 Act, a contract was con­sidered closed and not subject to renegotia­tion provided all deliveries had been made and payment therefor received prior to April 28, 1942. One contractor had made

9

deliveries of approximately $11,000,000 during the months of January and Febru­ary of 1942, and payment therefor had been received during the month of March 1942. The contract, however, had a pro­vision that the contractor pay the freight charges. The freight charges were paid by the contractor on receipt of invoices from the Government. The contractor had no way of knowing where the shipments went until such invoices were received. During the month of December 1941, the contractor had been notified that a charge of $45.00 was due on a certain shipment. The con­tractor had paid this charge, as well as all other charges submitted for freight, prior to April 28, 1942. In July of 1942 the con­tractor was notified that the $45.00 freight invoice issued in December 1941 should only have been for $30.00, and it was suggested that the contractor submit an invoice for reimbursement of the $15.00 freight charge since it would involve a substantial amount of red tape to have the government issue a credit memo for the $15.00. An employee of the contractor prepared the $15.00 in­voice. Because the $15.00 freight invoice was dated subsequent to April 28, 1942, the matter of whether or not the $11,000,000 sales should be considered renegotiable or non-renegotiable has not yet been decided. It is a matter of stipulation in a Tax Court case. Of course, it remains an open question as to whether the contract would have been considered a “closed contract” if the con­tractor had refused to issue the $15.00 freight invoice.

ACCOUNTING PROBLEMS IN SEGREGATING COST OF SALESThe statutory provisions are contained

in Section 1459.1 (a), Determination of costs. Section 103(f) of the act provides:

. . All items estimated to be allowed as deductions and exclusions under Chapter 1 of the Internal Revenue Code (excluding taxes measured by income) shall, to the extent allocable to such contracts and subcontracts, be allowed as items of cost, except that no amount shall be allowed as an item of cost by reason of the applica­tion of a carry-over or carry-back.”

However, for the first time, the Renegotia­tion Act permits a carry-over loss provided it falls within the purview of the following:

“Notwithstanding any other provision of this section, there shall be allowed as an item of cost in any fiscal year, subject to regulations of the Board, an amount equal to the excess, if any, of costs (com­puted without the application of this sen­tence) paid or incurred in the preceding fiscal year with respect to receipts or accruals subject to the provisions of this

title over the amount of receipts or ac­cruals subject to the provisions of this title which were received or accrued in such preceding fiscal year, but only to the extent that such excess did not result from gross inefficiency of the contractor or subcontractor. For the purpose of the preceding sentence, the term “preceding fiscal year” does not include any fiscal year ending prior to January 1, 1951.”The direct costs of sales must be analyzed

so that they will be applicable to the respec­tive sales categories mentioned previously. However, in examining the factory burden, there may be several expense items that require elimination or that fall in the cate­gory of non-renegotiable expenses, and as such you cannot apply your normal or stand­ard burden rate in determining total costs. It again becomes necessary to first deter­mine the burden items that are entirely in the renegotiable class, the items that are entirely in the non-renegotiable class, and the so-called allocable items which are applicable to both renegotiable and non- renegotiable business. When this has been determined, how are the allocable items divided between renegotiable and non- renegotiable business? Several methods have been used and are acceptable to the Board provided the Board is satisfied that such methods afford the best basis for rea­sonable, precise determination, in so far as they relate to the contractor under review. One method is to spread the allocable bur­den on the basis of direct labor costs. An­other method is to spread the allocable burden on the basis of “total direct costs.”

It is, again, up to the accountant to care­fully analyze all burden expense items. For example, one contractor, because of his government business, and to meet the rigid requirements of tolerances in the units he was manufacturing, had substantial expense in his Inspection Department and in his Testing Department. In addition he main­tained a Salvage Department. All three were special departments that were not ordi­narily required in the contractor’s commer­cial business. These items were included in the Factory Burden account—but were properly allocable to only renegotiable busi­ness, in so far as this one contractor was concerned.

ACCOUNTING PROBLEMS IN SEGRE­GATING SELLING AND GENERAL AND ADMINISTRATIVE EXPENSES

The Regulations have very specific pro­visions as to the costs allocable to and allow­able against renegotiable business. They cover such items as salaries, wages and other compensation; amortization and de­preciation; conversion to renegotiable pro­duction; losses; interest; selling and adver­

10

tising expenses; entertainment and other improper expenses; other costs, expenses and reserves (patent royalties, charitable contributions, etc.) ; and taxes measured by income (“state income taxes”).

Much has been written as to the determi­nation and allocation of the foregoing ex­penses. Since a review indicates that it requires a detailed analysis of each and every expense item, the accountant should insist that these analyses be submitted to him monthly, otherwise the volume of work at the end of the year will result in a hur­ried submission of figures and subsequent hours of work and conferences to make adjustments.

The problems of allocation mentioned are multiplied when there are multiple plant operations because usually, in addition to the individual plants, there is the question of allocation of the general and administra­tive expenses of the head office. Any alloca­tion used must be set forth in a statement to the Board.

An accountant who studies the monthly analyses of costs and expenses, should, in addition, be familiar with the operations of the entire plant, or all plants in multiple plant operations. In this way he will know when the Engineering Department has im­proved design and methods, and may be able to trace substantial savings in costs as a result thereof. For example, one con­tractor, on an item which was almost impos­sible to obtain, set up his own facilities to manufacture the part. This resulted in a saving of almost $2.00 per unit on 40,000 units. It is important to bring this type of information before the Board while it is making its determination of profits. This type of information together with other fac­tors, such as letters of outstanding achieve­ment from a government agency in the manufacture of a highly technical unit, may permit an increased profit allowance on that part of the contractor’s business.

FILING OF REPORTSThe Standard Form of Contractor’s Re­

port for Renegotiation of Contracts and Subcontracts subject to the Renegotiation Act of 1951 is entitled R. B. Form 1, and must be filed within ninety days after the close of the contractor’s or subcontractor’s fiscal year, by every contractor or subcon­tractor regardless of the amount of direct or indirect defense business handled during the fiscal year. The form consists of ten items which must be completed by contrac­tors and subcontractors whose renegotiable receipts or accruals exceed $250,000, and by brokers and manufacturers’ agents whose receipts and accruals, derived from renego­tiable contracts or subcontracts, exceed

$25,000, and must be accompanied by a copy of the contractor’s or subcontractor’s published annual report and a copy of the audit report by independent public ac­countants.

Contractors and subcontractors whose re­negotiable receipts and accruals for the fiscal year do not exceed $250,000, or brok­ers’ and manufacturers’ agents who derive $25,000 or less from renegotiable contracts or subcontracts, are not subject to renego­tiation; however, they are required to com­plete some of the items on R. B. Form 1.

Sixty days after the filling of R. B. Form 1, it is necessary to file R. B. Form 1B. This is a statement of income showing sales, cost of sales and expenses as applied to renegotiable and non-renegotiable busi­ness, which is a segregation down through the expenses to develop the renegotiable profit. It is only to be filed by contractors and subcontractors whose renegotiable re­ceipts or accruals exceed the $250,000 mini­mum, and by brokers and manufacturers’ agents whose receipts or accruals, derived from renegotiable business exceed $25,000. Together with the filing of this report a statement must be made as to the method or methods used in the allocation of costs and expenses between renegotiable and non- renegotiable business.

A brief summary of the work of the ac­countant necessary to resolve accounting problems involved under the Renegotiation Act of 1951 is as follows:1. The Accountant must read and familiar­

ize himself with the Renegotiation Act of 1951, and the Regulations, and Staff Bulletins relating thereto.

2. The Accountant must examine and be familiar with the various types of gov­vernment contracts and the special pro­visions relating to price revisions in the individual contracts.

3. The Accountant must review and study the costing methods used by the con­tractor, and eliminate from Factory Burden accounts items of expense which are not allowable for renegotiable busi­ness or allocable.

4. The Accountant must carefully analyze all expense accounts.

5. The Accountant must, in multiple plant operations, be familiar with all work done by Engineering, Production, Re­search and other Divisions, and attempt to point out, with accounting analyses, savings to the Government as a result of increases and improvement in the effi­ciency of the contractor.

6. The Accountant should review and ana­lyze monthly the basic information re­quired to file the necessary forms with the Renegotiation Board at the end of the year.

11

IDEA EXCHANGEBy THEIA A. CASCIO, California

SEEING THE JOB AS A WHOLEContributed by Doris Parks, C.P.A.,

Seattle, WashingtonSometimes accountants need to challenge

their own work, as to the purpose of some report or whether some accounting step is actually necessary. Too often even account­ants are creatures of habit and continue to do something because it has always been done that way.

Every business paper or report should lead to further accounting procedure or managerial action. When any report or accounting step hits a dead end, that should be the point at which its necessity is chal­lenged. If a weekly or monthly report is made up and filed away without anyone looking at it or making use of it, perhaps the time has come to eliminate the work necessary to produce the report.

Can you visualize the chain reaction started by a purchase invoice? From the order for material or services as recorded on that invoice to the financial statements, every handling or record-keeping procedure should be meaningful. Management in turn relies upon an analysis of financial reports to take action toward continuation of the business, abandonment of some department, cutting costs, increasing prices, and so forth.

Accountants need to lift their jobs away from “busyness” papers. By looking at the job as a whole and seeing the continuity between steps, accounting work can be in­teresting and most gratifying.

* * *

A simplified FREIGHT BILL RECORD is suggested by Alice B. Walsh of Grand Rapids, Michigan. Prepare sheets of legal sized paper (2 columns to right) with topical heading of each transportation line with which you normally clear freight. Ar­range these alphabetically for easy refer­ence. The sub-headings for each sheet, might be as follows:

DateName of ShipperWeightFreight Charged

As the freight bills are received for pay­ment or for recording, post all such freight charges to these record sheets and indicate on the invoice that it has been posted to this record.

When processing the Accounts Payable invoices from suppliers, check them with the freight as recorded on the freight record sheet, and note on the invoice the amount of freight paid. A rubber stamp may be used reading:

FREIGHT PAIDFREIGHT ALLOWEDFREIGHT POSTED TO RECORD

SHEETSAs the invoices are posted from the

freight record, they are ruled from the sheets to indicate the posting. A periodic check is made with each transportation line on those entries for which billings have not been received. This eliminates the wait for delinquent bills at the year-end and keeps freight payments on a more current basis.

* * *

While on the topic of freight bills, some accountants may be interested in a quick, easy distribution of freight charges for cost purposes. Some furniture stores insist upon piece by piece itemization of articles included in each shipment with the cor­responding weight or estimated weight listed for each.

When the final charges are received for the respective shipment, the total freight charge is broken down into cost per pound, multiplied by the number of pounds per piece, which amount is recorded on the cost card for that particular article. This, to­gether with other direct costs, aids manage­ment in setting selling prices on specific items.

* * *

If you can make receipts balance dis­bursements these days you can have the most successful budget ever devised.

* * *

Business goes where it is solicited and stays where it is well treated.

12

WHAT'S NEW IN READINGBy MARY NOEL BARRON, CPA, Carbondale, Illinois

PUBLIC UTILITY ACCOUNTING by J. Rhoads Foster and Bernard S. Rodey, Jr. (Prentice-Hall, Inc., 70 Fifth Avenue, New York 11. 740 pages.)This text delves into theory, history and

practical procedures of an entire range of material for regulation companies like elec­tric, gas, telephone, water, transportation and other services.

It clarifies the individual characteristics of regulated companies such as required capital, behavior of their costs, governmen­tal prescription of systems of accounts, use of accounting results for regulatory pur­poses, etc.

“Public Utility Accounting” blueprints the specialized system of accounts pre­scribed by regulatory committees for each type of utility within its jurisdiction. It shows that uniformity is required for the various classes of interstate and intrastate public utilities. It gives the framework of accounts-classification of accounting enti­ties, transmission of distribution of ac­counts, capital stock discount and expenses, transactions between affiliated interests and the limitations of the systems and accounts.

In weighing the scope and significance of audits and controls in a public utility, there are full explanations of how internal and external audits are made and where they are most effective for control purposes. Also, the book discusses how to coordinate audits and controls by using the audit pro­cedures prescribed by the regulatory com­missions.

Another interesting aspect of the book is the objective analyses of forms and methods for utility taxation. Included are?

(a) Bases for tax calculation for income, property and revenue taxes.

(b) Various alternative methods and how they affect the income-earning capacity of public utilities.

(c) Special tax procedures for tax re­ports and information needed for tax accrual reports.

(d) Distribution of taxes.(e) Conducting examination without dif­

ficulty.(f) Reports and statements to manage­

ment, stockholders, employees and customers, and to the government agencies.

FRAUD UNDER FEDERAL TAX LAW, by Harry Graham Balter. (CCH Prod­ucts Company, 214 North Michigan Ave­nue, Chicago, Illinois.)

This volume gives a full and understand­able treatment of the complex and technical problems encountered in those difficult tax situations or proceedings where fraud or evasion is an issue.

The book starts with a discussion of “Tax Evasion Versus Tax Avoidance,” and takes up compromise procedure in process­ing a tax fraud case; civil penalties, and jurisdictional considerations in choosing a forum to contest proposed deficiency assess­ments including typical problems apt to be met in the trial of a civil fraud case in the Tax Court.

The author draws on his 25 years’ spe­cialized experience in federal practice and in federal taxation and deals specifically with each aspect of a federal tax fraud or evasion case. He then proceeds with an analytical examination and explanation of criminal penalties, voluntary disclosures and production of books and records. Fi­nally, he logically rounds out his book with three important chapters dealing with spe­cial problems involved in the trial of a criminal tax evasion case.

This easy to read book is a ready refer­ence available for the tax man in which all phases of a tax fraud or evasion situation are authoritatively analyzed with annota­tions to up-to-the-minute decisions and col­lateral source material.

* * *

FINANCIAL STATEMENTS, Form, Ana­lysis, and Interpretation, Revised Edition, by Ralph D. Kennedy and Stewart Y. McMullen. (Richard D. Irwin, Inc., 1818 Ridge Road, Homewood, Illinois, 600 pages.)Like the preceding edition, this new re­

vision is concerned with two major aspects of accounting: the construction and the analysis and interpretation of financial statements. It shows how to apply analytical methods to reported accounting data for the purposes of determining whether financial or operating policies, methods or practices

13

should be continued or changed; testing the efficiency of operations; establishing credit ratings; and determining the invest­ment value of a business.

The revised edition is divided into four parts. Part I, consisting of five chapters, is devoted to an explanation of the form, con­tent, and general principles governing the construction of financial statements of com­mercial and industrial companies. It also takes up the asset valuation and income determination problems of commercial and industrial companies.

Part II presents a discussion of working capital, the statement of changes in net working capital, standard ratios, individual financial statement ratios, and the methods and techniques of analyzing and interpret­ing financial and operating data.

Part III represents one of the most im­portant additions to the revision. It con­tains five new chapters which discuss meth­ods of analyzing and isolating the effects of changing price levels upon the interpreta­tion of financial statements.

Part IV offers a summarization of funda­mental principles of consolidated financial statements; three cases illustrating the analysis and interpretation of financial statements; an explanation of the items which appear in financial statements; and a discussion of the methods and devices used in analyzing and interpreting these finan­cial and operating data.

* * *

UNITED STATES TAXATION OF NON­RESIDENT ALIENS AND FOREIGN CORPORATIONS, By Neil F. Phillips (The Carswell Company, 145-149 Ade­laide Street West, Toronto, Canada, Ap­prox. 400 pages.)This book presents a survey of the tax

problems which may face a non-U. S. indi­vidual or corporation doing business in the U. S. and/or receiving income from U. S. sources.

The text treats in minute detail the vari­ous conventions for the avoidance of double taxation entered into between the U. S. and various other countries, showing the exemp­tions from, and reduced rates of, U. S. tax provided by these treaties. Besides a com­plete explanation of the various general rules of law, administrative cooperation, and interpretation applicable to all the con­ventions, the book treats separately and in

full detail the U. S. conventions with Bel­gium, Canada, Denmark, France, Greece, Ireland, Netherlands, New Zealand, Nor­way, South Africa, Sweden, Switzerland and the United Kingdom with respect to income receipts of industrial and commer­cial profits, interest, dividends, rentals, roy­alties, salaries, government payments, pen­sions, annuities, and capital gains.

In separate appendices there are pro­vided reproductions of the 1951 U. S. tax returns required of non-resident aliens and foreign corporations, as well as the answers of the U. S. government to certain question­naires of the United Nations on the appli­cation of U. S. taxes to foreign entities. The book is up to date to January, 1952, with many insertions even after that date and up to April, 1952.

* * *

WRITING FOR BUSINESS, Selected Arti­cles on Business Communication, edited by C. W. Wilkinson, J. H. Menning, and C. R. Anderson, (Richard D. Irwin, Inc., 1818 Ridge Road, Homewood, Illinois, 360 pages.)This interesting and informative book

brings together in a single volume many articles written in recent years on the the­ory and the practice of business letter writ­ing.

The primary purposes of the book are: (1) to provide the most concentrated state­ment of the results of letter-writing experi­ence to be found in one volume; (2) to bring to the classroom directly from suc­cessful practitioners, and in their own words, support for, and illustrations of, the teacher’s ideas; (3) to combine theory and practice to help develop both a philosophy and a methodology for handling and im­proving correspondence; (4) to present a brief historical perspective of the develop­ment of modern letter-writing principles; and (5) to stress the public-relations func­tions of business correspondence in addition to its prime purposes of transmitting infor­mation and persuading.

In assembling this collection of well-se­lected models of business correspondence, the editors have avoided the common ten­dency to pick out examples that represent a particular bias or business philosophy. Rather, the one test they have applied to the writing represented is its quality in il­lustrating good psychological and stylistic principles relating directly to effective busi­ness writing.

14

COAST-TO-COASTBy MARY C. TONNA, CPA, San Francisco, Calif.

West Coast Regional Conference: San Francisco and Oakland Chapters were co-host- esses on June 13, 14, and 15 for the West Coast Regional Conference of ASWA, at Sonoma Mission Inn, Boyes Springs, California. Technical sessions on a Public Relations theme featured the following members: Marilyn Davis, San Francisco; Stella Erdley, Oakland; Marguerite Gibb, Seattle; Theia A. Cascio, Los Angeles; Louise Sallman, San Francisco; and June Freshour, Long Beach. A tour of the historic Vallejo Home, Sonoma Mission, and the Haraszthy Champagne Cellars provided entertainment. The closing session of a most inspirational and enjoyable conference was the traditional Sunday Brunch and Workshop. Vera Jean Bobsene, National President, presented the interim reports of national committee chairmen, and chapter questions were discussed. Seattle Chapter presented an invitation and bid to hold the 1953 Regional Conference in their city.

All-Ohio Conference: Sponsored by the ASWA Chapters in the state of Ohio, this conference will be held on Saturday, November 8, 1952. Cincinnati will be the hostess chapter.

Buffalo: Ruth O’Toole was elected president of the Business and Professional Women’s Club; Linda R. Van Leaven, CPA, is Treasurer for the Inter-Club Council. Cincinnati: Wilma Loichinger was elected treasurer of NACA. Cleveland: Ethel Bemis has been elected president of the Credit Women’s Club; Florence Bryant has been made secretary and director of her firm, the Commercial Centerless Grinding Company. Denver: Ida Willacy was chosen one of the six auditors in an income tax drive by Federal and Colorado income tax agencies. Detroit: Dimmer, Rose & Co. (Grace Dimmer) has merged its practice with Shaw & Olsen, under the name of Shaw, Olsen & Dimmer. Indianapolis: Mabel Jane Hamilton has been reelected auditor of the Business and Professional Women’s Club. Long Beach: In memoriam, Jessie M. Martin. Los Angeles: Theia Cascio has been promoted to Controller of the Beverly Hills Transfer & Storage Company; In memoriam, Elsa Jaehne, a charter member of the chapter. Louisville: Helen F. Lichten­berg acted as moderator on a television program on State Income Tax problems sponsored by NACA. New York: Alice H. Aubert has been appointed secretary of the committee on Furtherance of the Objects of the Society of the New York State Society of Certified Public Accountants; Jennie M. Palen has been appointed to the editorial board of “The New York Certified Public Accountant”; Rose Van Geyt won the 1951-1952 President’s trophy of the New York Chapter of NACA. Seattle: Ruth Cullin was elected treasurer of the National Business and Professional Women’s Federation; Hazel Skog is president of the Spokane Chapter of the Washington Society of CPA’s.

STATEMENT OF THE OWNERSHIP, MANAGEMENT, AND CIRCULATION REQUIRED BY THE ACT OF CONGRESS OF AUGUST 24, 1912, AS AMENDED BY THE ACTS OF

MARCH 3, 1933, AND JULY 2, 1946Of THE WOMAN C.P.A., published bi-monthly at New York, N. Y., for October 1, 1952.

1. The names and addresses of the publisher, editor, managing editor, and business managers are: Publisher, American Woman’s Society of Certified Public Accountants and American Society of

Women Accountants, 342 Madison Avenue, New York 17, N. Y.Editor, Alice H. Aubert, 42-22 Ketcham St., Elmhurst 73, L. I., N. Y.Managing editor, None.Business manager, Helen Lord, 342 Madison Avenue, New York 17, N. Y.

2. The owner is:American Woman’s Society of Certified Public Accountants (a non-stock corporation), Pres., Helen

F. McGillicuddy; Vice-Pres., Rosemary Hoban, 342 Madison Avenue, New York 17. N. Y.American Society of Women Accountants (a non-stock organization), Pres., Marguerite Gibb; Vice­

Pres., Virginia W. Allgood, 342 Madison Avenue, New York 17, N. Y.3. The known bondholders, mortgagees, and other security holders owning or holding 1 percent or more

of total amount of bonds, mortgages, or other securities are: None.4. Paragraphs 2 and 3 include, in cases where the stockholder or security holder appears upon the

books of the company as trustee or in any other fiduciary relation, the name of the person or corporation for whom such trustee is acting; also the statements in the two paragraphs show the affiant’s full knowledge and belief as to the circumstances and conditions under which stockholders and security holders who do not appear upon the books of the company as trustees, hold stock and securities in a capacity other than that of a bona fide owner.

HELEN LORD, Business ManagerSworn to and subscribed before me this 12th day of September, 1952. Elisabeth J. Rubino, Notary Public

[SEAL] (My commission expires March 30, 1953)

15

THE WOMAN C.P.A.Editor Business Manager

Alice H. Aubert, C.P.A. Helen Lord, C.P.A.42-22 Ketcham St., Elmhurst 73, L. I., N. Y. 342 Madison Ave., New York 17, N. Y.

ASSOCIATES Tax Editor Idea Exchange Editor

Mrs. Tennie Crews Leonard, C.P.A. Theia CascioColumbian Mutual Tower, Memphis, Tennessee

Literary EditorMary Noel Barron, C.P.A.Southern Illinois University, Carbondale, Illinois

AMERICAN WOMAN’S SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

OFFICERS—1952-1953President

Helen F. McGillicuddy, C.P.A.656 Aldine Avenue, Chicago 13, Illinois

Vice PresidentRosemary Hoban, C.P.A.1380 National Bank Building, Detroit 26, Michigan

Vice PresidentElinor Hill, C.P.A.H. B. Richardson & Co., 30 Howe Ave., Passaic, N. J.

TreasurerLinda Stanford, C.P.A.Sales Building, Endicott, New York

SecretaryCorinne Childs, C.P.A.432 Kennedy Building, Tulsa 3, Oklahoma

DirectorsJean D. Colavecchio, C.P.A. (Ex-Officio) Ernst & Ernst, 1702 Industrial Trust Building, Provi­dence 3, Rhode IslandMary Noel Barron, C.P.A.Southern Illinois University, Carbondale, IllinoisMary J. McCann, C.P.A.1419 Commerce Building, Kansas City 6, MissouriElizabeth Smelker, C.P.A.19 Lopez Avenue, San Francisco 16, CaliforniaElizabeth A. Sterling, C.P.A.Sterling and Sterling, 622 Grand Theatre Building, Atlanta 3 Georgia

AMERICAN SOCIETY OF WOMEN ACCOUNTANTS

OFFICERS—1952-1953President

Marguerite Gibb, C.P.A.314 Securities Building, Seattle 1, Washington

1st Vice-PresidentVirginia W. Allgood (Program)Trust Company of Georgia, Box 4418, Atlanta 2, Ga.

2nd Vice-PresidentL. Katherine McKenzie (Publicity)The United Educators Inc., 6 North Michigan Ave., Chicago 2, Illinois

TreasurerVivian G. Warner (Finance)Larch Court, Apt. 6A, Muskegon, Michigan

SecretaryDoris Parks, C.P.A. (Yearbook)204 Raitt Hall, University of Washington, Seattle 5, Washington

DIRECTORSVera Jean Bobsene (Ex-Officio) (Advisory) 502 South Fuller Avenue, Los Angeles 36, California Ida H. Alt (Education)115 South 40th Street, Louisville 12, Kentucky Elizabeth Brownlee (Research) Trimble, IllinoisMarion Kern CharlesTurner. Crook & Zebley, 1622 Chestnut Street, Philadelphia 3, Pennsylvania R. Grace Hinds, C.P.A. (New Chapters) 2115 North Delaware Street, Indianapolis' 2, Indiana Charlotte R. Morris 1570 Sixth Avenue, San Diego 1, California Corrinne Pool (Membership)First National Bank. 1 West 8th St., Holland, Mich.

221 So. Beverly Drive, Beverly Hills, CaliforniaCoast-to-Coast News

Mary C. Tonna, C.P.A.1727 Newcomb Ave., San Francisco 24, California

CHAPTER PRESIDENTS YEAR—1952-1953 Margaret E. Campbell—Atlanta Davison-Paxton Company, Atlanta, Georgia M. Jane Dickman, C.P.A.—Buffalo Phillips, Wertman & Co., 785 Ellicott Square Bldg., Buffalo 3, New York Helen Seelmayer, C.P.A.—Chicago 428 West St. James Place, Chicago 14, Illinois Ruth M. Maull—Cincinnati 1255 Hollywood Ave., Cincinnati 24, Ohio Norma Jelinek—Cleveland 12827 Woodside Avenue, Cleveland 8, Ohio Betty T. McGill, C.P.A.—Columbus 1505 West Third Avenue, Columbus 12, Ohio Mary E. Brickner, C.P.A.—Denver 930 First National Bank Bldg., Denver 2, Colorado Jackaline Rutherford—Des Moines 132 East Douglas Street, Des Moines 13, Iowa Gertrude Hindelang, C.P.A.—Detroit Arthur Young & Co., 1217 National Bank Bldg., Detroit 26, MichiganShirley T. Moore, C.P.A.—Dist. of Col. Alvord & Alvord, 202 World Center Bldg., Wash­ington 6, D. C.Elizabeth J. Sage—Grand Rapids Electric Supply Co., 317 Bond Ave N. W., Grand Rapids 2, Michigan Irma K. Hoeland—Holland Duffy Manufacturing Co., 70 River Ave., Holland, Michigan Heloise Brown, C.P.A.—Houston 1727 Marshall Street, Houston 6, Texas Hannah B. Thompson—Indianapolis 1320 North Delaware St., Apt. 110, Indianapolis 2, Indiana Mary J. McCann, C.P.A.—Kansas City Davey & Rader, 1419 Commerce Bldg., Kansas City 6, Missouri Ann M. Riordan—Lansing 222 South Logan Street, Lansing, Michigan June Freshour—Long Beach 12207 South Paramount, Downey, California Audra Ferrey—Los Angeles 2306 West Oak Street. Burbank, California Letha K. Marven—LouisvilleJefferson Woodworking Co., 14th & Hill Sts., Louis­ville 10, Kentucky Dorothy Wisch—Muskegon 1404 Sanford St., Muskegon Heights, Michigan Lily M. Merkle—New York 2119 Newbold Avenue, Bronx 61, New York Rusty Burgstahler—Oakland 818 Mandana Boulevard, Oakland, California Dora Stanger—Philadelphia 6344 Greene St., Philadelphia 44, Pennsylvania S. Marion Campbell—Pittsburgh - 3207 Faronia Street, Pittsburgh 4. Pennsylvania Genevieve Moore—Richmond 315 North Cleveland Street, Richmond 21, Virginia Stella H. Stillings—Sacramento 520 Fremont Way, Sacramento 18, California Adelaide M. Davis—San Diego 4337 49th Street, San Diego, California Elsie MacLaren—San Francisco 527 McArthur Drive, Broadmoor Village, San Fran* cisro 25, California Audrey Mabee, C.P.A.—Seattle Route 2, Box 1082, Renton, Washington Pearle L. Connor—Spokane 1823 West Seventh Avenue, Spokane 43, Washington Edith V. Kenan—Syracuse 340 Midland Avenue. Syracuse 4, New York Esther Evans—Terre Haute Armstrong Walker Lumber Co., 601 North 11th St., Terre Haute. Indiana Rachel F. Cooper—Toledo 324 Valleywood Drive, Toledo 5, Ohio